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THE  LIBRARY  OF  THE 
UNIVERSITY  OF 
NORTH  CAROLINA 


THE  COLLECTION  OF 
NORTH  CAROLINIANA 


Cp33U 

S2Uw 


WHY 

FARMERS 

MUST  ORGANIZE 
FOR  BUSINESS 


COMMODITY 

COOPERATIVE  MARKETING 

AN  ECONOMIC  REMEDY 
FOR  AN  ECONOMIC  ILL 
BASED  ON  SOUND  BUSI¬ 
NESS  AND  FINANCIAL 
PRINCIPLES 


Senator  Carter  Glass,  of  Virginia,  endorses  business  program 
for  farmers  as  outlined  in  address  by  Aaron  Sapiro,  of 
California,  before  the  National  Council  of 
Farmers’  Co-operative  Marketing 
Association  in  Washington 
December  14-16,  1922 


ISSUED  BY  THE 

DEPARTMENTS  OF  INFORMATION 
OF  THE 

TOBACCO  GROWERS  CO-OPERATIVE  ASSOCIATION 

AND  THE 

NORTH  CAROLINA  COTTON  GROWERS 
CO-OPERATIVE  ASSOCIATION 

RALEIGH,  N.  C. 


i 

i 

» 

i 


CAPITAL  PRINTING  CO.,  RALEIGH 


Says  Co-operatives  Here  to  Stay 

EUGENE  MEYER,  Jr.,  managing  director  of  the 
War  Finance  Corporation,  in  an  address  be¬ 
fore  the  National  Council  of  Farmers’  Co-operative 
Marketing  Associations  in  Washington  in  December, 
19  22,  emphasized  the  fact  that  co-operative  market¬ 
ing  associations  have  come  to  stay,  and  that  they 
are  destined  to  play  an  important  part  in  the  eco¬ 
nomic  development  of  the  country. 

“As  a  banker  lending  the  public’s  money,’’  said 
Mr.  Meyer,  “I  believe  in  the  co-operative  marketing 
associations.  I  believe  that  the  spread  of  the  move¬ 
ment,  beginning  with  the  first  loan  made  by  the 
War  Finance  Corporation  to  an  association  in  July, 
19  21,  has  done  more  to  facilitate  recovery  from  the 
acute  and  extreme  depression  of  last  year  than  any 
other  single  factor.  I  believe  that  the  steadying 
influence  of  the  co-operative  marketing  associations, 
carrying  out  a  program  of  orderly  marketing  and 
establishing  credits  on  a  sound  basis  with  the  War 
Finance  Corporation  and  with  the  banks  of  the 
country  lias  materially  shortened  the  period  of 
depression.” 


If  farmers  by  acting  together  can  do  the  things 
that  need  to  be  done  more  efficiently  and  economi¬ 
cally  than  private  enterprise,  then  organized  effort 
can  not  only  be  justified,  but  it  will  be  rewarded  to 
the  extent  that  the  new  method  is  more  efficient 
than  the  old. — Henry  Wallace,  Secretary  of  Agri¬ 
culture. 


The  movement  for  the  co-operative  marketing  of 
farm  crops  has  occupied  the  minds  of  farming  and 
business  people  as  no  other  one  subject  has,  and 
public  opinion  has  made  up  its  mind  to  give  the 
new  system  a  fair  trial. — Dr.  B.  W.  Kilgore,  Dilec¬ 
tor  of  the  North  Carolina  Agricultural  Extension 

Service. 


■w 


. 


' 


S' 


-  Sound  and  Rational, 
Carter  Glass  Declares 

ONCERNING  Aaron  Sapiro  and  co-operative 
A  marketing,  U.  S.  Senator  Carter  Glass  from 
Virginia,  formerly  Secretary  of  the  Treasury  in 
President  Wilson’s  cabinet  and  chairman  of  the 
committee  in  Congress  which  framed  the  Federal 
Reserve  Act,  writes  in  a  recent  letter  to  Jno.  R. 
H  itcheson,  Director  of  Extension  in  Virginia,  as 
follows: 

“Dear  Mr.  Hutcheson: 

“On  my  return  from  a  visit  of  several  days  to  my 
home  in  Virginia,  I  find  yours  of  December  18th, 
asking  me  to  give  you  my  impression  of  Mr.  Sapiro 
and  his  ideas.  I  may  say  that  Mr.  Sapiro  seems  to 
have  made  a  searching  analytical  inquiry  into  every 
phase  of  agricultural  activity  and  to  have  mastered 
both  the  philosophy  and  the  details  of  the  problem 
with  which  he  undertakes  to  deal.  He  is  undoubt¬ 
edly  very  sound,  and  likewise  is  rational  in  his  pre¬ 
sentation  of  his  views.  He  believes  in  the  equality 
of  responsibility  and  opportunity.  He  desires  to 
impress  the  farmer  with  the  importance  of  helping 
himself,  and  merely  wants  Congress  to  provide  a 
credit  medium  through  which  the  farmer  may  most 
effectively  work  out  his  own  good  fortune.  He 
does  not  propose  to  dip  into  the  common  tax  fund 
of  the  American  people  and  appropriate  a  part  of  it 
to  the  exclusive  use  of  a  single  class;  he  puts  the 
farmer  on  a  higher  plane  than  is  assigned  to  him  by 
the  average  political  demagogue  in  trying  to  get  his 
vote.  Mr.  Sapiro  doesn’t  believe  that  the  average 
farmer  is  a  pauper,  waiting  for  some  legislative 
body  to  drop  something  in  his  hat.  He  pictures 
the  farmer  as  a  man  of  sense  and  dignity  and  char¬ 
acter,  who  has  not  been  quite  wise  enough  until 
recently  to  engage  in  concerted  action  for  the  pur¬ 
chase  of  his  supplies  and  the  orderly  marketing  of 
his  produce,  but  who  is  now  keenly  conscious  of 
this  mistake  and  is  seeking  to  correct  it.  All  he 
wants  or  asks  for  the  farmer  at  the  hands  of  Con¬ 
gress  is  so  to  modify  existing  systems  of  credit  as  to 
enable  the  farmer  the  more  readily  to  carry  these 
plans  into  effect. 

“If  the  average  farmer  would  ponder  what  Mr. 
Sapiro  says  and  proposes,  the  entire  farming  com- 
"munity  of  the  United  States  would,  by  degrees  and 
^surely,  surmount  the  difficulties  which  hitherto 


6 


Commodity  Co-operative  Marketing 


have  retarded  progress.  The  trouble  has  largely 
been  that  too  many  farmers  listened  to  the  siren 
song  of  conscienceless  political  demagogues.  I  am 
for  Sapiro  and  against  the  demagogues.  I  am  for 
that  kind  and  measure  of  co-operation  which  will 
enable  the  farmer  to  sell  his  produce  for  a  profit 
and  against  that  kind  of  co-operation  which  simply 
induces  him  to  give  his  vote  away  to  every  braying 
demagogue  who  hands  out  a  patent  medicine  rem¬ 
edy  for  every  ill  to  which  the  farmer  is  heir.  When 
I  read  in  the  newspapers  that  Oliver  J.  Sands,  a 
successful  banker  and  business  man  at  Richmond, 
had  been  made  managing  director  of  the  Tobacco 
Growers’  Co-operative  Association  in  Virginia  and 
North  Carolina,  I  could  not  refrain  from  expressing 
to  him  my  satisfaction  that  he  had  been  chosen 
instead  of  some  mouthing  agitator  who  liked  to  be 
heard  for  his  much  talking.  If  the  farmers  of 
Virginia  will  hitch  their  wagon  to  men  of  this  type 
instead  of  to  a  political  star,  they  will  get  some¬ 
where  and  soon  make  the  industry  what  it  ought 
to  be. 

“With  best  wishes  for  the  new  year,  believe  me, 
“Sincerely  yours, 


“(Signed)  CARTER  GLASS.’’ 


The  Farmer  Is  Co-operating 


ins  ft''™0’  “?'he  Farmer  ls  Co-operat- 

Natinr.il  r  f  d  at  opening  session  of  the  First 

National  Conference  of  the  Farmers’  Business  Ortraniza- 
ns,  Washington,  D.  C.,  December  14,  1922. 


TH'OR  more  than  sixty  years  men  in  the  cities  have 
X  been  accustomed  to  hear  of  all  kinds  of  move¬ 
ments  coming  from  the  farm,  and  in  the  great  ma¬ 
jority  of  cases  those  movements  have  been  political, 
and  those  movements  have  been  tinged  with  things 
that  are  usually  called  radical.  This  is  a  meeting 
of  men  from  the  farms  and  representatives  of  the 
men  from  the  farms  called  deliberately  for  the 
purpose  of  bringing  under  one  roof  the  men  who  are 
thinking  in  commercial  terms,  of  the  commercial 
pioblems  of  the  farmer.  We  are  not  going  to 
strike  a  single  political  note  in  this  entire  meeting. 
We  are  not  going  to  talk  or  think  of  jobs;  we  are 
not  going  to  talk  of  opportunities;  we  are  not  going 
to  talk  or  think  of  any  political  theories;  we  are  not 
going  to  think  or  talk  of  anything  except  express 
problems  arising  out  of  the  economic  things  that 
face  the  man  on  the  farm. 

The  average  farmer  simply  has  been  interested  in 
producing  something,  and  then  in  selling  it  at  the 
best  price  that  he  could  obtain.  He  has  been  dis¬ 
contented  because  these  prices  have  not  been  ade¬ 
quate.  He  has  become  desperate  because  he  has 
felt  helpless.  And  when  he  goes  to  the  so-called 
academic  leaders,  or  when  he  has  gone  to  the  ordi¬ 
nary  farm  leaders,  they  have  simply  said  to  him — 
“Supply  and  demand  determine  price,  and  as  long 
as  supply  and  demand  determine  it,  we  cannot  help 
it.”  The  average  leader  has  forgotten  to  tell  the 
farmer  that  there  are  two  movable  factors  in  sup¬ 
ply  and  demand,  and  those  movable  factors  are 
the  time  and  place;  and  that  it  is  possible  for  the 
farmer  by  right  joint  action  to  control  these  mov¬ 
able  factors  in  supply  and  demand.  Then  the  farmer 
sat  back  and  became  helpless,  helpless  in  his  eco¬ 
nomics,  and  began  to  feel  the  strength  of  his  poli¬ 
tics.  He  always  remembered  that  if  he  did  not 
have  a  dollar  he  did  have  a  vote.  And  then  men 
would  come  to  him  and  cash  in  what  he  did  have, 
namely,  his  voting  power.  They  would  come  and 
paint  for  the  farmer  some  great  paradise  that  they 
would  create  by  political  action;  and  on  that  ac- 
c  unt  the  farmer  has  been  hurried  into  more 
political  movements  than  any  other  single  group  of 
citizens  in  the  United  States.  As  a  whole  his 
political  efforts  have  failed  because  it  is  a  mighty 


8 


Commodity  Co-operative  Marketing 


good  principle  for  us  to  recognize  that  you  can’t 
solve  an  economic  problem  by  purely  political 
means.  If  there  is  something  wrong  with  the  eco¬ 
nomic  system  we  first  must  investigate  to  see  if  we 
cannot  find  an  economic  remedy  for  that  economic 
ill. 

An  Economic  Remedy 

Now,  you,  the  leaders  of  co-operative  marketing 
in  the  United  States,  have  been  the  men  who,  in  the 
last  few  years,  have  brought  to  the  farmers  of  this 
country  an  economic  remedy  for  their  economic  ills. 
You  are  the  spear  point  of  the  most  important  de¬ 
velopment  in  agriculture,  and  in  American  life,  that 
this  generation  is  seeing.  You  are  the  leaders  who 
are  turning  the  whole  mind  of  the  farmer  from 
desperate  remedies,  from  the  things  that  arise  out 
of  helpless,  hazy  misunderstandings  of  his  situa¬ 
tion;  you  are  the  leaders  who  are  turning  that  mind 
actually  towards  the  light. 

Farmers  are  in  a  peculiar  kind  of  industry.  It’s 
the  only  industry  in  this  whole  country  that  is 
characterized  by  individual  production.  Everything 
else  you  know,  the  manufacture  of  steel  rails,  the 
manufacture  of  chairs,  the  manufacture  of  tables, 
the  manufacture  of  clothes,  all  those  things  are 
done  in  factories,  where  you  have  group  production, 
and  wherever  you  have  group  production  you  have 
needed  group  capital;  and  wherever  you  have  group 
capital  and  group  production  we  have  always  had 
group  marketing,  and  our  entire  country,  as  far  as 
its  industrial  systems  are  concerned,  has  been  built 
up  on  the  theory  of  group  production,  group  distri¬ 
bution,  group  capital,  and  group  marketing;  and 
the  distribution  facilities  are  based  on  a  group  idea. 
So  financial  facilities  were  based  on  the  needs  of  the 
group  ideas;  and  we,  thinking  from  the  farmer’s 
standpoint,  found  ourselves  misadjusted  because  we 
forgot  to  study  the  character  of  agriculture,  which 
is  individual  production,  to  see  how  we  could  make 
that  fit  into  the  existing  system  based  on  group 
production. 

Now,  one  of  the  characteristics  of  individual  pro¬ 
duction  is  that  where  a  farmer  produces  as  an  indi¬ 
vidual  he  always  gets  the  idea  that  he  should  mar¬ 
ket  as  an  individual,  and  marketing  is  never  an 
individual  problem,  because  no  man  in  the  world 
can  market  intelligently  without  knowing  what  the 
whole  crop  is,  without  knowing  what  the  absorbing 
power  of  the  markets  might  be  at  any  given  time, 
without  knowing  what  are  the  channels  through 
which  the  thing  will  move,  without  knowing  how 


Commodity  Co-operative  Marketim 


lie  can  get  finances  to  enable  him  to  do  orderly 
marketing  during  that  interval.  Marketing,  in  its 
very  nature,  is  a  group  problem,  and  the  funda¬ 
mental  blunder  of  the  farmer  has  been  that  as  an 
individual  he  has  attempted  to  solve  a  group  prob¬ 
lem  by  individual  action. 


What  Has  Been  Result? 

Well,  what  s  lesulted?  A  million  men  and  women 
raised  cotton.  Each  one  of  them  brings  his  cotton 
in  to  market  after  it  has  been  ginned;  and  he  starts 
in  to  offer  it  on  the  market.  He  does  not  know  its 
grade;  he  does  not  know  its  characteristics  as  to 
color,  and  so  on.  He  simply  takes  it  to  a  street 
buyer  and  urges  the  street  buyer  to  take  the  cot¬ 
ton.  And  what  happens?  The  farmer  does  not 
know  how  much  cotton  the  market  can  take  at  that 
time  without  a  collapse.  He  does  not  know  whether 
the  expected  crop  is  ten  million  bales  or  fourteen 
million  bales.  He  hears  all  kinds  of  news,  and 
most  of  it  is  the  news  supplied  by  the  street  buyer 
who  has  an  antagonistic  interest  to  that  of  the 
farmer.  The  individual  farmer  has  not  any  money, 
so  that  he  can  even  wait  a  few  days  within  which  to 
sell  his  cotton,  because  he  owes  money  for  the  pro¬ 
duction  of  the  cotton;  and  unless  he  gets  some  im¬ 
mediate  money  his  creditors  may  foreclose  on  him 
* 

and  take  that  cotton  away.  So  he  is  impelled  to 
sell  it  immediately,  not  by  reason  of  supply  and 
demand,  but  by  reason  of  his  bad  credit  situation, 
he  is  compelled  to  sell  it  immediately  and  blindly 
on  a  market  that  he  knows  absolutely  nothing 
about.  What  is  the  result?  Each  one  of  these 
farmers  dumps  his  cotton  on  the  market  against 
every  other  farmer  who  is  selling  cotton.  You  have 
ten  or  twelve  of  them  each  urging  the  street  buyers 
to  buy  his  cotton.  You  have  cotton  competing 
against  cotton  for  the  buyer,  instead  of  having 
buyer  competing  against  buyer  for  the  cotton,  and 
the  result  is  that  the  farmers  by  individual  selling 
break  the  prices  of  their  own  products.  The  farm¬ 
ers  must  never  blame  boards  of  trade  or  exchanges 
or  speculative  buyers  when  their  prices  are  low. 
The  farmers  have  developed  the  system  of  individ¬ 
ual  selling,  which  makes  low  prices  inevitable,  as 
far  as  the  farmer  is  concerned.  Individual  selling 
means  dumping.  Dumping  means  low  prices;  and 
the  speculator  simply  stands  on  the  side  and  does 
what  you  or  I  would  do  if  we  were  in  the  same 
place:  he  picks  up  the  cotton,  he  picks  up  the 
wheat,  he  picks  up  the  tobacco,  he  picks  up  the 


10 


Commodity  Co-operative  Marketing 


cheese  and  butter  and  prunes  and  beans  and  eggs; 
he  picks  up  all  these  products  at  the  cheapest  price 
he  can,  and  sells  them  at  the  highest  price  he  can. 
He  does  what  you  or  I  would  do  if  we  were  in  his 
place,  and  the  farmers,  by  individual  selling,  make 
it  possible  for  him  to  buy  at  the  lowest  price  from 
the  producer  and  sell  at  the  highest  organization 
price  to  the  ultimate  consumer.  Now,  the  only  man 
who  is  really  to  blame  for  that  situation,  and  the 
only  man  who  can  really  cure  that  situation,  is  the 
farmer,  and  he  can’t  do  it  by  help  from  the  govern¬ 
ment;  he  can’t  do  it  by  prayer;  he  can’t  do  it  by 
indignation.  He  can  only  do  it  by  seeing  the  prob¬ 
lem  and  then  organizing  from  an  economic  stand¬ 
point  to  solve  that  problem.  And  here  is  what  we 
have  found,  that  wherever  you  have  the  right  kind 
of  co-operative  marketing  association,  with  the  com¬ 
modity  organization,  you  stop  the  dumping  of  farm 
crops,  and  you  substitute  for  dumping  the  mer¬ 
chandising  of  farm  crops,  and  the  merchandising  of 
farm  crops  means  simply  the  control  of  the  move¬ 
ment  of  those  farm  crops  so  that  they  go  into  the 
markets  of  the  world  at  such  times  and  in  such 
quantities  that  they  are  absorbed  at  prices  that  are 
fair  under  given  commercial  conditions. 


One  Farmer  Can’t  Merchandise 

No  one  farmer  can  merchandise  his  crop,  but 
every  co-operative  organization  on  the  commodity 
line  can  merchandise  crops  because  then  you  get  a 
commodity  association  and  you  have  reached  the 
same  point  as  ordinary  business  in  the  United 
States. 

The  Ivory  Soap  manufacturers,  Procter  &  Gam¬ 
ble,  have  organized  their  industry  from  a  commod¬ 
ity  standpoint.  They  manufacture  Ivory  Soap 
cheaply  in  Cincinnati.  They  sell  it  all  over  the 
world,  and  chiefly  in  the  United  States.  They  calcu¬ 
late  just  what  each  district  can  take.  They  help 
these  districts  take  the  soap  by  proper  advertising. 
But  each  time  they  are  merchandising.  They  do 
not  dump  into  California  three  times  as  much  as 
California  will  use.  They  let  every  section  of  the 
country  get  what  that  section  can  take  and  absorb 
at  a  fair  price,  and  if  they  have  a  great  deal  of 
soap  on  hand  they  know  that  can  be  kept  for  a  long 
period.  They  do  not  sell  it  in  five  days  just  because 
they  happen  to  have  it  on  hand,  but  they  sell  it 
gradually  and  slowly  as  the  market  will  absorb  that 
product.  And  that’s  what  we  call  merchandising, 
as  against  individual  selling  or  dumping. 


11 


Commodity  Co-operative  Marketing 

  c5 

Now,  the  one  aim  of  co-operative  marketing  by 
farmers  is  to  merchandise  crops  instead  of  dumping 
crops.  It  is  not  to  fix  prices.  It  is  not  to  create 
any  artificial  basis  for  prices.  It  is  to  apply  to  the 
great  farm  industry  the  principles  which  have  been 
approved  by  every  important  industry  in  the  entire 
United  States,  and  in  fact  all  over  the  world. 

Now,  the  technique  of  co-operation  has  really 
been  worked  out.  There  has  been  enough  experi¬ 
ence  with  co-operatives  that  have  failed,  to  under¬ 
stand  the  reasons  for  those  failures.  There  is 
enough  experience  now  with  co-operatives  that  have 
succeeded  to  be  able  to  put  your  finger  on  the  rea¬ 
son  for  success.  With  every  co-operative  that  has 
succeeded  the  aim  is  merchandising. 


Technique  of  Marketing 

The  technique  can  almost  be  put  into  a  nutshell, 
and  it’s  this:  First,  to  distinguish  perishable  prod¬ 
ucts  from  products  that  are  either  non-perishable 
or  that  can  be  made  into  non-perishable;  and  then 
to  build  up  around  each  one  of  those  types  its  own 
kind  of  association;  but  in  all  cases  to  organize  to 
sell  by  the  commodity  and  not  by  the  locality.  You 
must  organize  by  the  locality  to  receive,  to  pack, 
and  to  store.  But  you  must  organize  by  the  com¬ 
modity  in  order  to  market.  Every  interest  in  the 
United  States  except  farming  is  organized  to  sell 
by  the  commodity,  and  until  the  farmers  learn  that 
point  of  technique,  their  co-operation  is  in  vain. 
That  is  why  three  thousand  or  so  alleged  co-opera¬ 
tive  elevators  in  the  Middle  West  have  done  a  real 
service  in  grading,  receiving  and  storing,  but  have 
been  unable  to  solve  the  marketing  problem  of  the 
wheat  growers.  That  is  why  the  couple  of  thou¬ 
sand  of  cheese  factories  in  Wisconsin  have  done  a 
real  service  in  the  manufacture  and  grading  of 
cheese,  but  have  not  yet  solved  the  problem  of 
marketing  cheese.  You  can  organize  by  locality 
for  manufacturing,  for  receiving,  for  grading,  tor 
packing,  for  storing,  but  you  must  organize  by  the 
commodity  for  marketing  purposes.  So,  if  you  get 
the  aim  clear,  which  is  to  merchandise,  and  get  the 
technique,  the  chief  point  of  which  is  to  organise 
by  the  commodity  instead  of  locality,  and  then  if 
you  get  business  men  to  manage  the  associations 
instead  of  untrained  men,  the  results  are  inevitable. 
And  we  have  been  learning  that,  because  all  of  you 
men  represent  associations  where  the  farmers  ha\e 
learned  that  farm  experience  does  not  make  a  man 
an  expert  in  selling,  and  that  the  farmers,  in  ordei 


12 


Commodity  Co-operative  Marketing 


really  to  get  a  chance  in  the  markets  of  the  world, 
must  have  the  right  kind  of  organization,  with  the 
right  kind  of  aim,  and  experienced,  able  business 
men  hired  by  the  association  to  control  all  of  their 
technical  and  commercial  operations.  These  are 
the  three  big  things  you  and  I  have  been  learning 
in  co-operative  marketing. 


An  Audit  of  Results 

Let  us  get  a  sort  of  audit  of  the  results  up  to 
date.  In  California  we  have,  first,  our  dried  fruit 
organizations.  Those  dried  fruit  organizations  rep¬ 
resent  the  highest  type  in  the  United  States  of  suc¬ 
cessful  crop  co-operation.  They  have  the  largest 
percentage  of  their  group  of  industries  completely 
organized.  You  all  know  about  the  merchandising 
results  of  the  raisin  growers  and  the  peach  grow¬ 
ers,  and  the  prune  and  apricot  growers.  That  is 
the  best  organized  single  unit  of  farm  crops  in  the 
United  States  at  this  time,  and  it  is  the  most  pros¬ 
perous  group  of  growers  anywhere  in  the  entire 
United  States. 

The  second  best  organized  industry  in  this  coun¬ 
try,  as  far  as  farmers  are  concerned,  is  the  tobacco 
industry.  That’s  of  much  more  importance,  of 
course,  than  the  dried  fruit  industries,  from  the 
standpoint  of  numbers  of  men  engaged  in  it,  be¬ 
cause  if  we  are  to  take  the  dried  fruit  associations, 
as  a  whole,  they  represent,  say,  approximately 
thirty  to  thirty-three  thousand  actual  dealing  mem¬ 
bers;  but  our  tobacco  associations  that  are  now 
organized  and  operating  are  as  follows:  The  Bur¬ 
ley  Tobacco  Growers’  Association,  with  77,000 
members,  handling  almost  eighty-five  per  cent  of 
the  burley  tobacco  crop  of  the  United  States.  Then 
there’s  the  Dark  Tobacco  Association,  with  approxi¬ 
mately  57,000  members.  There’s  the  Virginia- 
Carolina  Tobacco  Growers’  Co-operative  Associa¬ 
tion,  with  approximately  8  5,000  members.  There’s 
the  Connecticut  Valley  Tobacco  Association,  with 
about  3,800  members.  There’s  the  Wisconsin  Co¬ 
operative  Tobacco  Pool,  with  6,200  members.  Al¬ 
most  70  per  cent  of  all  the  tobacco  raised  in  the 
United  States  will  be  handled  by  co-operative  asso¬ 
ciations  over  the  season  of  1922  and  1923.  So 
that,  considered  from  the  standpoint  of  national 
products,  the  tobacco  industry  is  the  best  organized 
industry  in  this  land;  and  ail  that  work  has  been 
done  in  a  period  of  less  than  two  years,  done 
chiefly  through  the  leadership  of  Judge  Bingham, 
your  chairman,  and  the  wonderful  technical  work 


Commodity  Co-operative  Marketing 


13 


of  a  man  named  Passeneau,  from  the  State  of 
Washington,  and  another  man  named  M.  O.  Wilson 
from  the  State  of  Virginia.  They  not  only  signed 
up  their  growers,  but  they  signed  up  their  growers 
under  the  five-year  pooling  contract,  which  many 
of  us  believed  could  not  possibly  be  signed  by 
growers  by  the  thousands  in  any  section  of  the 
country  except  California.  They  have  done  the 
impossible,  and  they  have  done  it  in  a  period  of 
less  than  two  years  of  active  campaign  work. 

Now,  the  third  best  organized  industry  in  a  co¬ 
operative  line  in  the  country  is  the  nut  industry, 
including  the  almonds  of  California,  the  walnuts  of 
California,  and  the  peanut  groups  in  Virginia  and 
the  Carolinas. 

Next,  and  most  important  of  all  in  certain  re¬ 
spects,  we  have  the  dairy  groups.  Today  there  are 
among  the  dairy  groups  represented  by  Milo  Camp¬ 
bell  as  president  of  the  National  Milk  Producers’ 
Federation,  over  300,000  farmers  actually  co-oper¬ 
ating  in  different  dairy  associations  throughout  the 
United  States. 

Next  is  the  cotton  crop.  There  are  nine  cotton 
associations  in  the  United  States  today,  each  organi¬ 
zation  under  the  regular  five-year  long  term  pool¬ 
ing  contract,  the  so-called  California  plan.  They 
are  handling  this  year  somewhere  between  eight 
and  ten  per  cent  of  the  total  American  crop,  and  in 
the  opinion  of  experts  they  are  dominating  the 
whole  cotton  market,  because  all  through  the  South 
the  merchants,  some  of  the  outside  growers,  and 
quite  a  few  of  the  bankers  are  patterning  their 
policies  after  the  very  wise  policies  of  merchandis¬ 
ing  set  by  the  American  Cotton  Growers’  Exchange. 

Of  the  great  industries,  tobacco  first,  and  cotton 
second,  have  learned  to  dominate  their  groups 
through  co-operative  merchandising  methods. 

There  are  also  movements  in  wheat,  soft  fruits, 
vegetables  and  livestock. 

In  groups  that  I  have  been  outlining,  now,  there 
are  more  than  870,000  actually  signed  members, 
and  they  will  handle,  over  the  season  of  1922  to 
19  23,  more  than  one  billion  dollars’  worth  of  farm 
products  in  a  merchandising  fashion.  At  least  one 
billion  dollars’  worth  of  our  things  will  not  be 
dumped  on  the  markets,  but  will  be  merchandised 
in  the  same  way  that  every  big  business  of  this 
country  now  merchandises. 


14 


Commodity  Co-operative  Marketing 


Legitimate  Field  for  Co-operatives 

I  would  say,  if  I  have  to  summarize  co-operative 
situations,  that  the  way  is  open  to  prove  several 
things,  first,  that  there’s  a  legitimate  field  for  co¬ 
operative  marketing,  and  that  co-operative  associa¬ 
tions,  organized  with  the  right  aim,  organized  on 
the  right  technique  and  led  by  real  commercial  men, 
are  inevitably  successful.  We  not  only  can  prove 
that,  but  we  are  now  at  the  point  of  saying  that 
farmers  themselves  will  recognize  it,  because  there 
are  more  men  today  signed  up  and  delivering  prod¬ 
ucts  to  these  co-operatives  than  are  connected 
with  any  other  farm  organization  in  the  United 
States  of  any  type  or  character,  no  matter  how  old 
that  organization  is. 

This  is  the  movement  to  which  the  fanner-mind 
is  now  turning.  And  that  brings  us  to  the  key  of 
the  meeting.  The  farmer-mind  is  turning  from  the 
old  political  leaders.  The  farmer  does  not  want  to 
be  deluded  any  more;  the  farmer  does  not  want  to 
be  told,  “Yes,  follow  me,  and  I  will  give  you  an 
easy  way  into  government  money.”  The  farmer 
does  not  want  to  be  told  that  you  and  I  may  work 
out  for  him  some  raid  on  the  Treasury.  The  farmer 
of  the  United  States  really  wants  us  to  come  to  him 
and  show  him  how  he  can  work  out  for  himself 
some  method  under  which  he  does  not  have  to  ask 
a  favor  from  any  man  on  earth.  The  farmer  of  the 
United  States  is  teaching,  just  as  we  are  helping 
to  teach  him,  that  the  biggest  industry  in  the  United 
States  does  not  need  nor  ask  charity,  but  that  the 
biggest  business  in  the  United  States  is  demanding 
a  right  to  be  on  the  same  par  as  all  other  busi¬ 
nesses,  and  is  demanding  that  the  agencies  of  gov¬ 
ernment  shall  not  discriminate  against  the  farmer. 
And  that’s  the  thing  that  you  have  been  helping  to 
teach  the  farmer.  It’s  not  the  old  leadership  in 
which  a  man  puts  his  ear  to  the  ground  and  finds 
out  that  the  farmer  wants  such  and  such  a  thing 
and  then  gets  up  and  leads  the  farmer  to  that, 
because  the  farmer  does  not  think  in  terms  of  eco¬ 
nomics  unless  somebody  helps  him  to  do  so.  He 
lives  alone.  He’s  not  a  university  graduate  as  a 
class,  and  he  does  not  read  much  in  economics, 
except  lately.  He  has  not  even  learned  really  to 
absorb  his  wonderful  farm  papers  until  the  last 
few  years.  If  we  do  not  lead  the  farmer  right, 
there  should  be  on  us  the  greatest  curse  that  bad 
citizenship  ever  puts  on  a  man.  If  we  simply  listen 
to  a  few  of  the  louder-mouthed  among  the  farmers, 
who  want  something  easy  which  ought  not  to  come 


Commodity  Co-operative  Marketing 


15 


to  them;  and  if  we,  listening  to  those  men,  say  this, 
that  we  will  try  and  get  them  that  thing,  then  we 
have  betrayed  our  trust.  If  we  listen  to  the  des¬ 
peration  of  the  farmer,  if  we  listen  to  what  we 
know  is  misunderstanding  on  the  part  of  the 
farmer,  we  are  traitors  to  the-  leadership  that  the 
farmers  have  imposed  upon  us. 

Root  Out  Class  Prejudice 

We  are  not  going  to  stay  here  and  avoid  class 
p  ejudice.  We  are  going  to  see  if  we  can  root  out 
class  prejudice  by  fitting  in  the  farmer  to  the  other 
good  elements  of  the  United  States.  We  are  not 
going  to  listen  to  the  old  wild  idea  that  the  way  to 
handle  the  farmer  is  to  wave  a  red  flag  and  say 
this,  “Let’s  all  get  together  and  hate  Wall  Street,” 
or  hate  something  else.  We  are  not  going  to  go  to 
that  kind  of  leadership;  but  we  are  going  to  calmly 
say,  “Is  there  an  economic  basis  for  improving 
conditions  on  the  farm?”  Yes,  it’s  co-operative 
marketing.  Is  there  a  way  in  which  co-operative 
marketing  can  better  serve  the  interests  of  the 
farmer?  Yes,  there  are  those  ways;  and  you  and  I, 
with  the  common  interest,  we  are  going  to  discover 
them. 

Now,  I  for  one  believe  that  I  represent  the  senti¬ 
ment  of  the  vast  majority  here  when  I  say  that  we 
are  not  here  as  an  organization  against  any  one, 
but  that  we  are  here  as  an  organization  solely  to 
improve  ourselves  and  our  own  associations,  so 
that  we  can  get  the  benefit  of  the  things  that  have 
developed  with  the  progress  of  industry  in  this 
country. 

For  example,  the  first  thing  we  are  here  to  talk 
about  is  rural  credits.  We  have  had  to  learn  some¬ 
thing  about  rural  credits.  Above  all  things,  we 
have  learned  that  every  banker  in  the  country  is  not 
the  enemy  of  the  farmer.  We  have  learned  that  the 
local  banks — the  country  banks — are  absolutely  the 
keystone  to  any  credit  system  for  agriculture  lor 
this  entire  country;  but  that  the  country  banker  has 
had  his  hands  tied  by  reason  of  the  fact  that  the 
farmer  has  never  been  organized  so  as  to  take  ad¬ 
vantage  of  the  existing  credit  system. 

Rural  Credits  Big’  Thing 

Rural  credits — it’s  a  big  thing.  Where  does  it 
stop?  Rural  credits  mean  credits  that  the  farmei 
needs  at  some  time  in  his  existence.  Let  s  use  the 
;  term  for  a  while  “farm  credits”  instead  01  ‘  rural 


16 


Commodity  Co-operative  Marketing 


credits.”  Where  does  the  farmer  first  need  help? 
Well,  he  needs  help  when  he  buys  a  farm;  he  needs 
help  for  the  acquisition  of  his  farm.  How  does  he 
get  that  money?  Well,  most  of  them  borrow  more 
money  from  local  banks  and  give  the  local  banks 
deeds  of  trust  or  mortgages.  Some  of  them  buy 
the  long-term  contracts,  and  do  not  take  title  until 
the  contract  is  fully  authorized  in  money  from  some 
of  the  farm  land  banks  or  joint  stock  land  banks. 
The  farmers’  standpoint,  as  far  as  the  acquisition  of 
property  is  concerned,  has  already  been  helped, 
first,  by  local  banks;  second,  by  the  government, 
with  the  farm  land  banks;  and,  third,  by  the  gov¬ 
ernment  law  which  permitted  the  formation  of  joint 
stock  land  banks  with  tax-exempt  securities. 

A  real  thing  was  done  for  the  farmer  by  the  farm 
loan  with  this  tax  exemption  on  securities  issued 
against  his  mortgage  on  the  loans  for  the  acquisi¬ 
tion  of  farm  property. 

The  second  problem  the  farmer  faces  on  farm 
credits  is  when  he  has  the  farm  he  has  to  do  some¬ 
thing  with  it;  he  has  to  raise  something  there.  But 
he  has  needs,  too — he  needs  seed  and  equipment  for 
production  purposes.  And,  more  than  that,  he  has 
got  to  keep  himself  alive  during  the  period  while 
the  product  is  growing.  So  he  needs  for  produc¬ 
tion,  first,  an  equipment  credit;  and,  second,  he 
needs  a  maintenance  credit.  And  in  some  sections 
of  the  United  States,  like  the  Carolinas  and  Georgia, 
more  than  75  per  cent  of  the  farmers  need  a  main¬ 
tenance  credit  during  the  time  of  production  of 
crops. 

The  third  type  of  credit  that  the  farmer  needs  is 
marketing  credit.  That  iis,  when  his  commodity  is 
in  existence,  he  has  to  have  some  credit  to  enable 
him  to  do  orderly  marketing  with  that  commodity. 

There  are  three  types  of  commodities  that  enter 
into  credits:  Commodities  that  are  of  constant 
production,  like  milk,  and  eggs  and  livestock. 
Then  there  are  commodities  of  seasonal  production, 
like  alfalfa,  strawberries  in  California,  and  so  on; 
then  there  are  commodities  of  annual  production, 
like  cotton  and  wheat  and  corn  and  hay  and  to¬ 
bacco,  and  things  of  that  type.  Now,  wherever  you 
have  any  crop  of  annual  production  that  is  used  all 
through  the  year,  somebody  carries  it  from  month 
to  month  until  the  crop  is  actually  consumed.  Right 
at  present,  with  unorganized  farmers,  all  that  carry¬ 
ing  is  done  by  speculative  interests,  and  the  farmer 
dumps  his  crop  on  the  market  within  the  first 
seventy  days  after  harvest,  and  the  speculative  in- 


Commodity  Co-operative  Marketing 


17 


terests  carry  it  for  the  full  twelve  months  period. 
That’s  why  the  speculative  interests,  with  the  many 
connections  they  have,  and  with  the  crop  in  their 
hands,  have  always  a  better  chance  for  profits  than 
the  farmer,  who  has  to  dump  almost  as  soon  as  his 
crop  is  harvested.  Now,  the  farmer  needs  a  credit 
to  enable  him  or  the  Farmers’  Marketing  Associa¬ 
tions  to  take  these  crops  and  carry  them  from 
month  to  month  for  orderly  marketing,  and  simply 
sell  parts  of  them  each  moment  as  the  consumer, 
either  the  manufacturing  or  milling  consumer  or 
the  ultimate  consumer,  are  able  to  absorb  them. 
That  is  the' marketing  credit. 


Wanted :  Square  Deal  For  All 

The  problem  of  marketing  credits  is  about  in  a 
nutshell  this,  that  in  particular  the  co-operatives 
need  some  method  under  which  we  can  take  our 
crops,  take  them  when  they  are  delivered  by  the 
growers,  and  then  market  them  through  the  entire 
nine  months  or  twelve  months  period  in  which  we 
do  our  selling.  How  could  we  go  about  this? 
Here  is  one  suggestion  that  may  interest  this  con¬ 
vention.  Some  of  the  men  think  that  more  money 
is  in  the  Federal  Reserve  System,  or  more  credit  is 
available  through  the  Federal  Reserve  System,  than 
any  other  method  that  we  know.  Since  the  Fed¬ 
eral  Reserve  System  is  accessible  to  oil  interests, 
to  mining  interests,  to  steel  interests,  we  say  we  are 
going  to  make  it  available  to  the  farming  interest. 
Therefore,  we  say  we  will  solve  our  problem  if 
somehow  they  make  the  Federal  Reserve  System 
fit  the  needs  of  agriculture,  as  it  already  fits  the 
needs  of  other  normal  businesses.  Under  all  cir¬ 
cumstances  and  for  every  kind  of  crop  we  rely,  first, 
on  the  local  banks,  and  we  want  to  see  if  we  can 
make  those  local  banks  more  accessible — put  them 
in  a  position  where  they  can  handle  the  co-opera¬ 
tive  marketing  problem. 

Now,  the  first  need  in  that  matter  is  a  longer 
period  of  maturity  on  farm  paper,  and  the  paper  of 
co-operative  marketing  associations.  Let  me  ex¬ 
plain  why  that  is  necessary.  You  and  I  are  used 
to  hearing  men  talk  of  sixty-day  paper,  ninety-day 
paper,  one-hundred-and-twenty-day  paper;  and  they 
say  those  are  the  liquid  maturities  for  all  kinds  ot 
commercial  drafts  and  commercial  acceptances,  and 
that’s  true.  But  why  it  is  true?  Because  w  ben 
those  things  started  they  started  in  England.  1  u*n 
over  determines  maturity,  and  in  England  s  den 
they  started  in  developing  what  we  now  know  as 


18 


Commodity  Co-operative  Marketing 


our  modern  banking  system,  there  were  lots  of  fac¬ 
tories  and  lots  of  shipping  men.  The  factories  used 
to  take  an  average  of  sixty  days  to  take  raw  ma¬ 
terial  and  convert  it  into  a  finished  product,  which 
was  then  ready  for  market.  Today  they  do  the 
same  thing  on  the  average  in  less  than  thirty  days, 
but  when  they  evolved  this  system  it  took  an  aver¬ 
age  of  sixty  days  to  convert  raw  materials  into 
finished  products.  So  sixty-day  paper  became  the 
standard  paper  under  which  factories  would  go  to 
London  bankers  and  get  credit  for  their  needs. 
Sixty-day  paper  became  the  rule.  Oh,  but  there 
were  men  who  owned  ships,  and  they  would  take 
those  products,  buy  them  from  the  factories,  take 
them  to  India,  unload  them  in  India,  load  them 
with  silks  and  spices  and  teas  and  coffees  and  things 
of  that  kind,  and  bring  those  back  for  consumption 
in  England.  That  took  from  ninety  to  one  hun¬ 
dred  and  twenty  days.  The  turnover  in  England 
for  manufacture  and  shipping  was  sixty,  ninety 
and  one  hundred  and  twenty  days;  and  that  is  why 
paper  came  to  be  of  sixty,  ninety  and  one  hundred 
and  twenty  days’  maturity. 


Imitated  British  Banking  System 

Now,  when  we  started  in  banking  in  this  country 
we  imitated,  and  rightly  so,  the  British  banking 
system.  What  is  the  result?  Sixty,  ninety  and 
one  hundred  and  twenty  days’  paper,  fitting  our 
manufacturing  needs  most  generously,  fitting  our 
shipping  needs  most  generously,  because  you  get 
out  a  turnover  in  this  country  that  runs  from 
twenty-four  days  in  the  average  case  of  factories — 
but  their  paper  can  be  three-months’  paper;  and 
as  for  shipping,  why  they  cross  the  Atlantic  and 
reload  and  come  back  in  less  than  eighteen  days, 
and  they  cross  the  Pacific  and  reload  arid  come  back 
in  less  than  forty-two  days,  even  some  of  the  slower 
ships;  so  that  all  of  our  maturities  on  paper  more 
than  fit  the  manufacturing  and  shipping  out  of  this 
country. 

Well,  what  about  agriculture?  That  is  where 
we  differ  from  England.  We  have  great  crops  in 
this  country — cotton,  wheat,  corn,  hay,  tobacco — 
all  those  great  annual  crops  of  enormous  import¬ 
ance  in  the  world’s  economies,  and  the  men  who 
built  our  banking  system  forgot  to  look  westward; 
they  simply  looked  to  the  things  on  the  Atlantic 
coast.  They  saw  factories  and  shipping,  and  we 
have  a  financial  system  that  'is  generous  for  their 
needs,  and  utterly  forgets  the  needs  of  agriculture. 


Commodity  Co-operative  Marketing 


19 


Now,  our  turnover  on  the  big  crops  of  this  coun¬ 
try  is  an  annual  turnover,  of  a  full  twelve  months 
period.  You  are  picking  cotton  during  a  term 
of  five  months,  from  the  first  day  to  the  last. 
You  are  harvesting  wheat  over  a  period  of  almost 
five  months  from  Texas  to  North  Dakota;  say 
nine  months  is  a  fair  average  of  the  time  be¬ 
tween  one  old  crop  and  a  new  crop.  Nine  months 
is  a  fair  average  for  the  period  in  which  our  annual 
crops  actually  have  a  turnover  in  the  trade  of  the 
world.  Now,  what  we  insist  upon  is  this:  The 
Federal  Reserve  System  permits  the  rediscount  of 
paper  with  three  months’  maturity  for  ordinary 
commercial  things,  and  then  they  gave  us  the  sop 
of  six  months’  maturity  for  agricultural  purposes. 
We  want  nine  months’  maturity;  we  want  a  ma¬ 
turity  that  corresponds  to  our  turnover,  in  just  the 
same  way  as  they  have  given  to  manufacturing  in¬ 
terests  a  maturity  three  times  the  average  turnover 
of  modern  manufacturing  interests.  That  is  the 
first  thing  we  want,  an  amendment  to  the  Federal 
Reserve  Act  which  will  permit  the  paper  of  farmers, 
the  paper  of  co-operative  marketing  associations,  to 
go  into  the  banks  with  a  nine  months’  maturity  and 
be  eligible  for  rediscount  in  these  Reserve  banking 
systems. 

The  Hope  For  Agriculture 

Next,  they  have  challenged  the  fact  that  co-oper¬ 
ative  associations  represent  an  agricultural  purpose. 
Now,  you  and  I  smile  over  that,  because  we  cannot 
think  of  anything  sillier  than  to  say  that  a  co¬ 
operative  representing  nobody  but  farmers  and  the 
crops  of  those  farmers  and  trying  to  sell  those 
crops,  is  not  operating  for  so-called  agricultural 
purposes. 

Gentlemen,  the  boys  and  girls,  the  men  and 
women,  on  the  farms  of  the  United  States  are  in 
our  hands.  It’s  absolutely  in  our  leadership  as  to 
whether  or  not  they  have  enough  to  eat  and  enough 
to  put  on  their  backs,  and  enough  to  send  their 
children  to  school;  that  during  the  few  years  to 
come,  if  we  will  guide  them  right,  we  are  going 
to  change  the  social  conditions  in  every  farm  family 
in  our  country.  No  one  of  us  will  go  to  Congress 
for  it,  because  we  do  not  talk  the  language  that  will 
put  us  in  Congress.  We  are  not  appealing  to 
prejudice,  but  if  we  do  our  work  right,  we  will  put 
better  conditions  in  every  farm  home  in  this  land. 


FOR  USE  ONLY  IN 


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